Nuclear Startup Secures $51.3M in Series A Funding

The Nuclear Company, a startup founded in 2023 by former AppHarvest CEO Jonathan Webb, Arcadia CEO Kiran Bhatraju, and CIV CEO Patrick Maloney, announced a Series A funding round last month. The round included investments from CIV, Goldcrest Capital, MCJ Collective, True Ventures, and Wonder Ventures. The company disclosed that it has secured $51.3 million in the Series A, bringing its total funding to $70 million.

The startup aims to develop a series of reactors using existing designs, prioritizing sites that already have permits or licenses to operate. It is targeting to develop 6 gigawatts in its first fleet. The funding round is significant as tech companies and utilities are facing challenges in securing power for data centers due to an expected surge in electricity demand. However, nuclear power is facing headwinds, including competition from solar power and potential financial hurdles due to proposed changes in subsidies for nuclear power.

 Most new nuclear power plants are not expected to come online until the early 2030s. The industry's future is uncertain amidst varying forecasts for the next five years. The recent Series A fundraise and total funding amount have been added to the update.

Source: Tech Crunch